Strategy for upcoming app spree

thelethargicage · ‎06-10-2013

I'm planning to get the following 3 cards in the near future:

Costco Amex
Chase Sapphire Preferred
Sallie Mae MC

I already paid off the last card I had on the debt payment program as well as my CareCredit account (laser tattoo removal, don't ask), so I'm waiting for those to report. I also paid off the lease on a CC machine from my failed tattoo business, and that bumped my Fico score to 769 (EQ).

I'm just concerned about inquiries. I have 6 on Experian, 4 of which will be 1-year old in the next couple of months; the other 2 are from earlier this year, one from Chase when I got my Freedom, the other from Amex (so much for "It's a soft pull if you're declined").

I have 4 inquiries on TransUnion (3 from last year, 1 from Barclaycard in April) and 5 on Equifax.

Should I get till these inquiries drop off my report completely (i.e., wait till next year), or will their impact be softened once they reach the 1-year mark?

Also, I remember reading somewhere that the Sallie Mae card used to be a 2% on everything card. Anyone know if Barclaycard has any plans to nerf it again?

enharu · ‎06-10-2013

Once they reach 1 year mark u should be fine.

And no idea about the changes to sallie Mae card. You can check FT they usually are most updated about stuff like this

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

sccredit · ‎06-10-2013

Looks like you have 1 card for each bureau

Amex = Experian

Chase = Equifax

Barclay = Transunion

Nice going

Creditaddict · ‎06-10-2013

I would be surprised if you have issue with any of these banks but be sure to recon with any of them for sure... especially Barclay... they are easy recon.

09Lexie · ‎06-10-2013

Chase is also Ex depending on where you live.

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thelethargicage · ‎06-11-2013

I'm thinking of adding Capital One Cash Rewards (the one for excellent credit) to this spree. With that 50% annual bonus, it should be an excellent catch-all card. Should I wait for every single inquiry to drop before applying for it, as they pull all 3 bureaus?

HiLine · ‎06-11-2013

You're in good shape. Just make sure you apply for Barclays first, as they are the most inquiry and new-account sensitive.

---> HiLine's personal finance blog - Follow my journey!

thelethargicage · ‎06-11-2013

@HiLine wrote:
You're in good shape. Just make sure you apply for Barclays first, as they are the most inquiry and new-account sensitive.

Even more so than Capital One (inquiry-wise, that is)?

Creditaddict · ‎06-11-2013

@thelethargicage wrote:
@HiLine wrote:
You're in good shape. Just make sure you apply for Barclays first, as they are the most inquiry and new-account sensitive.
Even more so than Capital One (inquiry-wise, that is)?

Capital One is one of those I would never apply for without an offer through there pre-approval online or in the mail... I have been declined each and every time I have applied for something that wasn't offered to me!

john398 · ‎06-11-2013

@thelethargicage wrote:
I'm thinking of adding Capital One Cash Rewards (the one for excellent credit) to this spree. With that 50% annual bonus, it should be an excellent catch-all card. Should I wait for every single inquiry to drop before applying for it, as they pull all 3 bureaus?

Careful, capital one may pull all 3 CRA